INSURANCE NEWS
Florida’s Ag Commissioner Wants Lower Retention for Cat Fund
Florida’s agriculture commissioner, a Democratic candidate for governor, is on board with what many in the insurance industry have been asking for: utilizing the state’s hurricane catastrophe fund to provide lower-cost reinsurance to more property insurers. Commissioner Nikki Fried, who …
FM Global Puts Aside $300 Million for Policyholders’ ‘Resilience Credit’
Policyholders of FM Global, which include one of every three Fortune 500 companies and similar size organizations worldwide, will collectively receive about $300 million in a first-of-its-kind ‘resilience credit,’ providing them with additional means to invest in climate resilience solutions. …
U.S. Imposes Sanctions on Virtual Currency Mixer Tornado Cash
The United States on Monday imposed sanctions on virtual currency mixer Tornado Cash, accusing it of helping hackers, including from North Korea, to launder proceeds from their cyber crimes. A senior Treasury Department official said Tornado Cash, one of the …
Experts: Southwest Florida to See Daily Tidal Floods by 2100
In the year 2100, Fort Myers, Florida will see only one day in which nuisance high tide flooding isn’t an issue. And Naples will be flooded by incoming tides every day, according to the latest tide predictions coming from the …
Oregon’s Wildfire Risk Map Emerges as Climate Flashpoint
A new map in Oregon that rated the wildfire risk of every tax lot in the state – labeling nearly 80,000 structures as high-risk – generated so much pushback from angry homeowners that officials abruptly retracted it, saying they had …
Fire Victims Seek $85M for Damages in Fire that Covered California and Nevada
People who lost their homes and property in last summer’s Tamarack Fire in northern Nevada and California have filed a claim against the U.S. Forest Service seeking more than $85 million. The filing by attorney Bill Jeanney of Reno on …
‘Community Lighthouses’ to be Powered by the Sun and Volunteers
Enthusiastic church volunteer Sonia St. Cyr lost something she treasures during the blackout caused by Hurricane Ida — her independence, afforded her by the electric wheelchair she expertly maneuvers over bumpy city sidewalks. “After Ida I was housebound,” said St. …
Phone Call With Insurer Does Not Void Insured’s Prior Rejection of Coverage
A motorcycle driver’s signed waiver of underinsured motorists coverage in 2004 was still in effect 15 years later when he was in a tragic crash despite a phone conversation he had in 2014 with a representative for his direct insurer …
Berkshire Hathaway Posts $43.8 Billion Loss as Stock Holdings Tumble
The slide in U.S. stock prices punished Berkshire Hathaway Inc’s bottom line in the second quarter, as the conglomerate run by billionaire Warren Buffett on Saturday reported a $43.8 billion loss. Berkshire nevertheless generated nearly $9.3 billion of operating profit, …
Gallagher Calls Alliant’s Filing in Poaching Suit a ‘Masterclass in Deflection’
In the latest in the back-and-forth court filings between Arthur J. Gallagher and Alliant Insurance Services, Gallagher said its competitor is putting on a “masterclass in deflection” to prevent the court from granting a restraining order against Alliant. Late last …
Rhine River Water Levels in Germany Keep Falling, Forcing Ships to Sail Partly Loaded
Water levels on the Rhine in Germany fell again during hot dry weather over the weekend and cargo vessels cannot sail fully loaded, vessel brokers and commodity traders said on Monday. Shallow water is causing problems for shipping on the …
More Grain Ships Safely Depart From Ukrainian Black Sea Ports
Two more ships, carrying corn and soybeans, departed from Ukrainian Black Sea ports on Monday, Turkey and Ukraine said, taking the total to ten since the first ship sailed last week under a deal with Russia to unblock Ukrainian grain …